Today, the PBGC announced premium penalty relief in connection with the President’s Improving Regulation and Regulatory Review directive. 76 Fed. Reg. 57082 (Sept. 15, 2011). The relief provides a seven-day cushion for timely premium payments. It also addresses concerns that have been raised with respect to penalties attributable to the method used to calculate variable rate premium payments.
Please see the attached memo for further details.